Greenvolt Next has begun construction on a 12MW solar farm at Barryscourt, County Cork, for developer Voltclub, an EPC contract that links Portuguese-backed engineering capacity with Irish project finance at a moment when both are needed to convert Ireland's renewable pipeline into operational capacity.

Greenvolt Next is the renewable energy solutions arm of Portugal's Greenvolt Group, delivering EPC projects across Ireland and the UK including the Sanofi Waterford solar farm and work with retailers Lidl, Aldi and Tesco.

Voltclub is a Dublin-headquartered renewable energy developer and emerging independent power producer founded in 2020, building a portfolio of grid-connected solar, wind, battery storage and flexible generation projects.

PTSB is an Irish retail and business bank providing project finance for the Barryscourt development.

John Carty of Greenvolt Next said Ireland's energy demands continue to grow at a considerable rate and that the firm is delivering projects of scale that will enable businesses and providers to meet these energy needs. James Goldsmith of Voltclub said the project demonstrates their ability to take renewable energy developments from origination and consenting through financing and into construction. PTSB's Paddy Ryan said the bank is committed to playing an active role in this transition.

PTSB provided project finance for the development.

PTSB's involvement is notable given a persistent gap in Irish project finance: pillar banks have been quick to fund large, ultra-low-risk renewable projects, but mid-sized developments have historically struggled to attract the same appetite. A 12MW site financed domestically, rather than through EIB or international lenders as seen on larger recent Irish solar portfolios, suggests that gap is narrowing for smaller developers.

For the sector, an Irish bank financing a sub-utility-scale project through a domestic EPC contractor demonstrates that mid-sized solar has become bankable without international backing, widening the pool of developers who can move from origination to construction independently.

Source: RTE / Financier Worldwide